This market is directly influenced by the increase in geriatric population which in turn impacts the preventive healthcare market changing consumer preferences toward healthy & wholesome diets, and increasing prevalence of nutritional deficiency, which drives the dietary supplements market.

The application of astaxanthin in animal feed was the largest in 2016

The animal feed segment occupied a significant share of the astaxanthin market, by application, in 2016, due to its extensive use as an ingredient in feed, especially aquafeed. The demand for astaxanthin, as a pigment coloring agent for aquafeed, is boosted by the support offered by governments for aquaculture, and also the approvals granted by international food & feed regulations such as the European Food Safety Agency, Canadian Food Inspection Agency, and the U.S. Food and Drug Administration. Significant demand for astaxanthin from the aquaculture sector is seen in the Asia-Pacific region.

Microalgae cultivation is projected to be the fastest-growing method of production for the next five years

Based on the method of production, the microalgae cultivation segment is expected to grow at a relatively higher rate in both developed and developing nations such as the U.S., China, Germany, and Japan. The high concentration of astaxanthin found in microalgae, coupled with its approval on food safety for human consumption, are the main drivers for the adoption of microalgae as a source, owing to which microalgae cultivation is seen to be the preferred production method for astaxanthin.

Petroleum source dominated the astaxanthin market in 2016

Petroleum accounted for the largest source in the astaxanthin market in 2016. It held a share of 57.3% in 2016. This could be attributed to the lower cost of astaxanthin derived from petroleum when compared to the natural sources such as plants and microbes. Astaxanthin obtained from petroleum is mostly used in animal feed to provide pigmentation and vitality to animals. Animal feed dominates the application of astaxanthin with a share of 72% in the market. This makes astaxanthin derived from petroleum the most dominant source.

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